UNI Co. received $1,000 from Newbie as rent for the use of abuilding owned by UN

Question

UNI Co. received $1,000 from Newbie as rent for the use of abuilding owned by UNI. How does this transaction affect UNI’saccounts if UNI recognizes a liability? a. Cash is increased and revenue is increased b. Cash is increased and revenue is decreased. c. Cash is increased and unearned revenue isincreased d. It is not recorded UNI Co. received $1,000 from Newbie as rent for the use of abuilding owned by UNI. How does this transaction affect UNI’saccounts if UNI recognizes a liability? a. Cash is increased and revenue is increased b. Cash is increased and revenue is decreased. c. Cash is increased and unearned revenue isincreased d. It is not recorded

Explanation / Answer

c.  Cash is increased and unearned revenue is increased

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